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21 October - What’s On This Week? 🗓️ 🛎️ Comprehensive Monthly Tax Update - October 2024 Catch up with our comprehensive monthly tax update with ATO activity, cases, edited binding rulings, specialist deep dives & more. 🌏 Trust Distributions to Non-Residents Distributing to non-resident beneficiaries can be taxing! Touch on core provisions such as Sections 97 & 98, and other key issues. 🏢 Company Tax Fundamentals Program - Advanced Company Tax Issues Part 4 of this series covers tax issues like RDTI, ESIC, basics of tax consolidation, and tax implications of winding up a company 💰 How to Explain Dividends & Franking Credits to Clients It can be difficult explaining tax concepts to clients - like how do franking credits work if we can’t see “real money” moving! 🚀 Unlimited access engaging tax training for accounting firms. Check out our upcoming & free live events here: https://lnkd.in/gRDUvmst

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Key tax-related changes in the Australian Federal Budget 2024–25 http://spr.ly/6046dJ6Ds The discontinuation of a proposed measure to deny deductions for certain payments relating to intangibles is among several taxation updates in Australia’s federal budget, as summarised by senior tax practitioners from DLA Piper Australia #internationaltaxreview #tax #taxpolicy #internationaltax #australiatax #dlapiper

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Our latest tax update covers the many ATO updates and activities from September, including: 1. Updates to various Draft Guidances and Practice statements on taxpayer alerts. 2. Several Gazette notices regarding data-matching programs 3. GST Updates and a revised definition of "ATM" We also cover key Australian Tax Cases: 1. Tax Agent Services Act Penalty - violation of the TASA 3,359 times 2. An appeal to the Full Federal Court by Taxpayers regarding unexplained bank deposits Find these updates in full in September's MTU: https://ow.ly/YmFl50TBQKL #UnlockNew #AndersenAustralia #ATO #taxupdate #Australiancases #TaxUpdate

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Today in partnership with CPA Australia, Australian Bookkeepers Association, The Institute of Certified Bookkeepers, National Tax and Accountants'​ Association - NTAA and the Institute of Finance Professionals Australia through publications including The Australian Financial Review & The Australian we called on the Australian Government to clarify new rules for tax practitioners. Legal advice confirms these rules could force tax practitioners to share personal information, which could include their mental health, with their clients.  They also force tax practitioners to publicise investigations into complaints against them, no matter how spurious or vexatious.  We appreciate the Assistant Treasurer’s openness to discuss potential amendments to this Determination. However, failing agreement, we will be seeking for these unfair rules to not proceed as they currently stand. This is not just an issue for nearly 72,000 tax professionals and their families, but the millions of Australians and small businesses that rely on their services. Read our full media release here: https://caanz.com/taxreg #CAANZ #DifferenceMakers

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Key ATO Tax Compliance Focus Areas for 2024 As we head into 2024 tax time , the Australian Taxation Office (ATO) has outlined several critical areas for tax compliance. Businesses and individuals must pay attention to these focus areas to ensure accurate and timely tax filings: Work-Related Expenses: The ATO is closely examining claims for work-related expenses, especially those related to working from home. Accurate record-keeping is essential to substantiate these claims. Rental Property Deductions: Many property owners make errors in reporting rental income and expenses. The ATO is focusing on ensuring that deductions for repairs and maintenance are accurate. Undeclared Income: Reporting all sources of income, including from the sharing economy, is crucial. The ATO is vigilant about identifying undeclared income to prevent tax evasion. Superannuation Guarantee: Ensuring employers meet their superannuation obligations is a priority. This includes timely and accurate reporting to ensure employees receive their correct entitlements. Fraud and Evasion Prevention: The ATO is enhancing efforts to detect and prevent tax fraud and evasion using advanced data analytics and technology. Debt Collection: There is a strong emphasis on recovering high-value and aged debts. The ATO is implementing targeted strategies to encourage timely payment and prevent new debts from accumulating. Staying informed and compliant with these focus areas will help businesses and individuals avoid potential issues with their tax filings. #TaxTime2024 #ATOCompliance #WorkFromHome #RentalProperty #Superannuation #TaxEvasion #DebtCollection #Accounting #SmallBusiness #taxtips

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As part of the recent Mid-Year Economic and Financial Outlook (MYEFO), a critical change was announced affecting the General Interest Charge (GIC) and Shortfall Interest Charge (SIC) on tax debts to the ATO. Michael Gilmour, Principal, Tax Consulting at LDB, takes you through the changes and how those managing tax debt burdens could potentially mitigate any negative impacts. https://lnkd.in/gUX92MpT At LDB, we understand tax laws are not only complex, but constantly changing. As your trusted advisors on tax issues, we are here to ensure you remain compliant while pursuing tax strategies with optimal financial outcomes for you and your business. If you need assistance with tax compliance or strategic financial management, get in touch today. #TaxCompliance #TaxStrategies #TaxPlanning #LDB

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The TPB has released draft guidance on the new breach reporting (‘dob-in’) obligations for registered tax practitioners, effective 1 July 2024. Broadly, these new obligations require registered tax practitioners to notify the: • TPB if they have reasonable grounds to believe that they have significantly breached the Code of Professional Conduct (‘the Code’); or • TPB and the relevant Recognised Professional Association (‘RPA’) if they have reasonable grounds to believe another registered tax practitioner has significantly breached the Code. TPB(I) D53/2024 seeks to clarify the scope and process of breach reporting and includes several illustrative case studies for practical understanding. These new registered tax practitioner obligations and this latest TPB guidance will be just some of the critical issues discussed in the NTAA’s upcoming 2024 Tax Schools seminars. You can secure your seat for the NTAA’s 2024 Tax Schools in the link below.

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Want to stay on top of your tax game while leaving Australia mid-year? Our latest blog article covers important tax residency issues you must consider. Discover adjusted tax thresholds, foreign income treatment, and capital gains tax implications. #RegencyPartners #TaxResidency #FinancialPlanning

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In a recent joint submission with the Tax Practitioners Board, CPA Australia, Chartered Accountants Australia and New Zealand, and other leading professional bodies, we have called for an urgent review of the current timeframe for reporting significant breaches of the Code of Professional Conduct. Read the full story from AccountantsDaily here: https://ow.ly/Vq3r50S9ayx

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In our latest article we discuss insights on Fringe Benefit Tax (FBT), required reporting criteria and ways to navigate recent areas of concern raised by the Australian Taxation Office (ATO). #TaxationUpdates #FBTCompliance #ATOConcerns #EmploymentBenefits #RecordKeeping #TaxExemptions #TaxStrategy https://lnkd.in/guvNxWm8

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🆕 New member resource 🆕 From 1 August 2024, registered tax practitioners must comply with new obligations under the Code of Professional Conduct (Code) in the Tax Agent Services Act 2009 (Cth) (TASA). This latest regulatory change in the form of a Ministerial Determination is causing heightened concern across the profession. We support robust and effective governance of ethics and good conduct across the tax profession. However, in practice, the new obligations will add a considerable compliance burden and a range of uncertainties for all registered tax practitioners. We're working to advocate for a better outcome for practitioners and to support our members. And, while we do this, we've also created some new resources to help members navigate the changes: 🔷 In a recorded insights panel session with Tim Sandow, CTA, Marg Marshall, CTA and Robyn Jacobson, CTA, we unpack the new obligations and what they mean for you in-depth (and we mean in-depth – it's nearly two hours long!) 🔷 Follow along with the expert session with a comprehensive slide pack that you can download for easy reference later Members can access the resources here ➡️ https://lnkd.in/gUAjgcHr #TheTaxInstitute #TTI #tax #thehomeoftax #jointhetaxconversation #membership #memberresources #TaxPolicyandAdvocacy

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The nation's largest private groups have once again been put on notice about the consequences of not maintaining fit-for-purpose tax governance and reporting frameworks. Building on insights from its review of the Next 5,000 program and ongoing assurance reviews, the ATO has stressed the importance of maintaining accurate reporting processes during periods of business change. Read the full article here: https://lnkd.in/g-sZYFUB

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In the 2024 financial year alone, the Australian Taxation Office (ATO) issued nearly 27,000 Director Penalty Notices (DPNs), valued at $4.4 billion. Tax debts increased by $40 billion from 2018 to 2023, forcing a shift in the ATO’s approach to collecting tax debts following the pandemic. This shift is particularly evident in the DPN space. Our latest article by Cameron Woodcroft explores the key aspects of DPNs and how directors can navigate their responsibilities. https://lnkd.in/gtFFKQBq #DPN #director #directors #liabilities #tax #debts #penalties #accounting #accountingservices #advisory

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Proposed Changes to the Foreign Resident Capital Gains Withholding Tax (FRCGW) Regime: What Property Sellers Need to Know The Australian Government has announced proposed changes to the FRCGW Tax Regime, which could significantly impact property sales across Australia. Here’s what you need to know: 🔹 Expanded Scope: FRCGW will apply to all property sales where the seller is a foreign resident, regardless of sale price—moving the threshold from $750,000 to $0.  🔹 Higher Withholding Rate: The withholding rate on sales will increase from 12.5% to 15%. What This Means for Sellers To avoid 15% of the sale price being withheld at settlement, property sellers will need to secure an ATO clearance certificate. This process now applies to all property transactions, making compliance crucial for a smoother sale. Our team at Wallace & Wallace Lawyers is here to help you navigate these changes, whether you need assistance applying for a clearance certificate or understanding the broader impact on your property sale. 📞 Connect with us at (07) 4963 2000 for personalised guidance. #PropertyLaw #RealEstate #CapitalGains #TaxLaw #LegalUpdate https://lnkd.in/gKFkcMUS

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Are you ready for the new financial year?   The new tax rates mean you will be better off prepaying your work related or business expenses by 30 June!   Understanding the changes to Australian tax brackets and planning accordingly can help you maximise your income and prepare for the future. Learn more: https://lnkd.in/gqK72qRe   #taxplanning #incometax #taxcuts

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